What Is Form MGT-7?
Form MGT-7 is an E-form used by all the companies registered under the Companies Act,2013 to file their annual return. Form MGT-7 is available on the Ministry of Corporate Affairs(MCA) website. Form MGT-7 is also maintained by the Registrar of Companies(ROC) in electronic mode and based on the statement of correctness given by the company.
Who is Required to file Form MGT-7?
All companies registered under the Companies Act,2013 are required to file Form MGT-7 before the due date whether the company is public or private. In case of failure to file the form within the prescribed time limit penalty would be levied.
What are the consequences of non-filing the form?
The penalty for not filing an annual return is Rs.100/per day of default.
What is the objective of filing Form MGT-7?
Every company shall prepare an annual return in the form of MGT-7 containing the details of the company as on the last day of the financial year. These details include details regarding:
- The registered office of the company, principal business activities, details of its holding, subsidiary and associate companies.
- Equity or preference shares, Bondor debentures, any other security issued during the financial year and shareholding pattern of the company;
- Secured and unsecured loan or Indebtedness of the company;
- Alteration in shareholding pattern of members and debenture-holders as compare to previous financial year;
- Change in the name of the company’s promoters, directors, key managerial personnel(KMP)as compared to previous financial year
- Meetings of members, Board, and committees along with details of the members present in the meeting.
- Amount paid to directors and key managerial personnel as remuneration.
- details of compounding of offenses and appeals made by the company during the financial year in case any penalty or punishment is imposed on the company, its directors, or officers.
- Other matters associated with the certification of compliances and disclosures as prescribed by the rules.
Documents required to file Form MGT-7?
Scanned copy of documents which are required to be attached with the form include:
- Shareholders’ list and debenture holders’ list.
- Approval letter for deferring the date of AGM.
- Copy of Form MGT-8.
- Optional Attachments.
What is the due date of filing Form MGT-7?
Annual general meeting(AGM) of the company is required to be held within six months from the last date of the financial year and Form MGT-7 should be filed by the company within 60 days from the date of the Annual General Meeting(AGM). Therefore, a company must conduct an annual general meeting(AGM)on or before the 30th of September following the close of every financial year and the last date for filing form MGT-7 is 29th of November every year. The due date can be extended by the government of India.
Filing Fees of Form MGT-7
The fee for the filing of Form MGT 7 is dependent on the nominal share capital of a company. If a company is having Share Capital of less than 1, 00,000 Form MGT 7 filing fee would be Rs.200. Companies that don’t have a share capital, the Form MGT 7 Filing Fee is Rs.200. The following is the fees:
|Nominal Share Capital||Nominal Fees Applicable (in Rs.)|
|Less than 1,00,000||Rs. 200|
|1,00,000 to 4,99,999||Rs. 300|
|5,00,000 to 24,99,999||Rs.400|
|25,00,000 to 99,99,999||Rs.500|
|1,00,00,000 or more||Rs.600|
Late Filing Fees of Form MGT-7
If the form is filed late then an additional fee as penalty along with the normal fees is to be paid. The additional fees are as follows:
|Period of delays||Fees applicable|
|Up to 30 days||2 times of normal fees|
|More than 30 days and up to 60 days||4 times of normal fees|
|More than 60 days and up to 90 days||6 times of normal fees|
|More than 90 days and up to 120 days||10 times of normal fees|
|More than 180 days||12 times of normal fees|